Market Conditions in Quincy>Question Details

Mikel Defran…, Real Estate Pro in Milton, MA

What are you finding your buyers are preferring in this market, Smaller and nicer or Larger with some work to do?

Asked by Mikel Defrancesco, Milton, MA Tue Aug 23, 2011

I've always been a larger / work to do sort of guy, but see lots gravitating towards the former

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Most, not all, seem to want the house updated and "pretty"!

They have the income to substantiate a slightly higher mortgage, and with interest rates so low, that goes a long way these days.........what they may not have is the extra cash on hand to put in a new kitchen or bathroom.
They also may not have the time it takes to oversee updates, as both may be working.
0 votes Thank Flag Link Tue Aug 23, 2011
Mikel,
I'm finding most people are looking for move-in ready. They have choices and are taking advantage of that. Those looking for fixers want to steal them. The price must be really right for buyers to get serious about doing much more than cosmetic and personal touches.
1 vote Thank Flag Link Tue Aug 23, 2011
The market has shifted toward smaller homes with superior amenities. Professional buyers do not have the time or inclination to expend a little "elbow grease". Their long work weeks, and demands from their children, may have something to do with it, but it seems an actual cultural change in younger professionals. The financing difficulties of many self-employed and tradesmen also puts a crimp into a pool of buyers who often seek homes needing repair. Our smaller new homes (1600 sf - 2000 sf) are equipped with granite counters, stainless appliances, hardwood floors and such or they would be difficult to sell. It will be interesting to see if energy efficent items grow in demand in the marketplace.
0 votes Thank Flag Link Wed Sep 14, 2011
Mikel:

I was out on Saturday with two different buyers and both were leaning towards smaller and nicer. They are both intrigued by the idea of sweat equity, but the reality is that both are working 50 hours a week. Do they want to spend their precious time off working on the home or working on their relationship? The issue is quality of life. They all agree they will do the work, but it will have to be an amazing deal. Best
0 votes Thank Flag Link Mon Aug 29, 2011
Most buyers seem to want move in ready and don't even want to deal with little minor upgrades they would have to do. It seems that no matter what price range they are looking in, they expect it to be perfect. For me, it's been more about affordability for that particular client rather then how big or small it might be, though they of course want enough space for all of their things. Storage room has been key! But in response to your actual question, I think that most would take small and nice over big and needing work.
0 votes Thank Flag Link Wed Aug 24, 2011
I am definitely finding that all buyers, no matter what the price range EXPECT to be able to have it updated and move in ready. I have a listing that is all brick with 3 bedrooms, 2 full baths and a family room with a fireplace and a 2 car garage. It is over 1800 sq. ft. and is ONLY $139,900. Buyers are still seeing the small items that need updated. It is just insane what a buyer expects for the price.

What buyers need to concentrate on is what qualities the base home has to offer. Items like paint, or carpet are individual taste changes. Tilt in windows can be added later as time and money permit. Look at the neighborhood, the backyard, your surroundings and then determine if the home is right for you. Compare apples to apples. Don't compare a $200,000 home to a $140,000 home, that just isn't how it works.

Expectations are high and I blame the media for that mindset.
0 votes Thank Flag Link Wed Aug 24, 2011
Most of my buyers definitely prefer move-in ready. Of course, they also like to have enough space! Some may be willing to do a little bit of work but not major work. I agree that there are not as many of these homes on the market, with many Sellers not being in a position to make upgrades to make them move in ready.
0 votes Thank Flag Link Tue Aug 23, 2011
Definitely most buyers would like to move in to the property and not have to do a thing. With so many homes on the market the buyers can be picky. One of the major problems I have seen is that most buyers expect that every home is going to be move in ready. Especially with so many neglected properties the market buyers may need to be a little more open minded.
0 votes Thank Flag Link Tue Aug 23, 2011
They want to move in and have a BBQ the next week. Move in ready turn key granite stainless steel.
0 votes Thank Flag Link Tue Aug 23, 2011
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